Calnex Solutions plc

AIM:CLX Stock Report

Market Cap: UK£56.0m

Calnex Solutions Valuation

Is CLX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CLX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CLX (£0.62) is trading below our estimate of fair value (£1.11)

Significantly Below Fair Value: CLX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLX?

Key metric: As CLX is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CLX. This is calculated by dividing CLX's market cap by their current revenue.
What is CLX's PS Ratio?
PS Ratio3.3x
SalesUK£16.27m
Market CapUK£56.04m

Price to Sales Ratio vs Peers

How does CLX's PS Ratio compare to its peers?

The above table shows the PS ratio for CLX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.4x
MWE M.T.I Wireless Edge
1.1x7.2%UK£39.7m
SRT SRT Marine Systems
5.4xn/aUK£95.3m
BVC BATM Advanced Communications
0.9x12.5%UK£84.4m
FTC Filtronic
6.4x22.0%UK£162.0m
CLX Calnex Solutions
3.3x11.2%UK£56.0m

Price-To-Sales vs Peers: CLX is good value based on its Price-To-Sales Ratio (3.3x) compared to the peer average (3.4x).

Price to Sales Ratio vs Industry

How does CLX's PS Ratio compare vs other companies in the European Communications Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CLX 3.3xIndustry Avg. 1.1xNo. of Companies9PS00.81.62.43.24+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CLX is expensive based on its Price-To-Sales Ratio (3.3x) compared to the European Communications industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is CLX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.3x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: CLX is expensive based on its Price-To-Sales Ratio (3.3x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CLX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£0.62
UK£1.09
+75.8%
5.5%UK£1.15UK£1.03n/a2
Nov ’25UK£0.55
UK£1.09
+98.2%
5.5%UK£1.15UK£1.03n/a2
Oct ’25UK£0.50
UK£1.09
+118.0%
5.5%UK£1.15UK£1.03n/a2
Sep ’25UK£0.55
UK£1.09
+100.0%
5.5%UK£1.15UK£1.03n/a2
Aug ’25UK£0.52
UK£1.09
+111.7%
5.5%UK£1.15UK£1.03n/a2
Jul ’25UK£0.47
UK£1.09
+129.5%
5.5%UK£1.15UK£1.03n/a2
Jun ’25UK£0.52
UK£1.09
+111.7%
5.5%UK£1.15UK£1.03n/a2
May ’25UK£0.53
UK£1.07
+102.9%
3.3%UK£1.10UK£1.03n/a2
Apr ’25UK£0.58
UK£1.07
+82.1%
3.3%UK£1.10UK£1.03n/a2
Mar ’25UK£0.74
UK£1.07
+43.9%
3.3%UK£1.10UK£1.03n/a2
Feb ’25UK£0.81
UK£1.07
+31.5%
3.3%UK£1.10UK£1.03n/a2
Jan ’25UK£0.63
UK£1.07
+69.0%
3.3%UK£1.10UK£1.03n/a2
Dec ’24UK£0.69
UK£1.07
+54.3%
3.3%UK£1.10UK£1.03n/a2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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